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Tried for two months to get reimbursement for deceased mother's two retirement accounts. Totally got the run around, duplicated efforts, lost forms, abused promises, constant phone calls and excuse after excuse. I'm a very reasonable person and tried to be accommodating until I got fed up. I thought Prudential was a company who was customer service oriented. Not in my experience and will never do business with them again in any capacity. Improve your customer needs and you will get better reviews and maybe more business.
We have been going in circles for weeks trying to get money out of my husband's annuity for a hardship withdrawal (purchase of a principal residence) and we have experienced nothing but subterfuge and pettifogging. Everyone you speak to has a different story. We call them at least 3 times daily because they will never call you to tell you what is wrong with your paperwork. We finally submitted the correct paperwork and now they want more paperwork. Our mortgage broker said he has never experienced this with any other annuity company. They will do anything to keep you going in circles until you give up and stop asking for the money.
You cannot conceive of a more inept group of investment "professionals" than this company. A simple clerical error (their mistake) was rectified, and as a result this company, on their own, not by the urging of the IRS (CP2100), initiated backup withholding. Over 2 years and 3 W-9's later, they cannot (read will not) rectify their mistake. You can't even get to a person that knows anything about how to begin to do so. All phone numbers lead to ignorant customer service reps that have no education in reporting or garnishing monies to/for the IRS. Do not invest your money with this company, and if you have, run! Take your money elsewhere before they screw it up, and you enter the cycle of, "Fill this out, fill this out again, fill this out again." If I could give negative stars, I would!
I understand rules about getting your own money out of your own 401k. I understand the difference between a withdraw and a loan. There’s is nothing ethical about having to qualify to BORROW your own money based on what PRUDENTIAL thinks your reasons are. My reasons are different than Prudential’s reasons. I literally cannot BORROW my own money. Here’s a list of PRUDENTIAL rules to borrow.
Purchase of a primary residence. Post-secondary education expenses. To prevent eviction from or foreclosure on your primary residence. Unreimbursed medical expenses. Payment for burial or funeral expenses for your deceased parent, spouse, children or other dependents. Expenses for the repair of any damages to your principal residence that would qualify for the casualty deduction for federal income tax purposes. Adoption-related expenses. So I ask. Why and how can Prudential dictate what the reasons are for me to BORROW my own money? I don’t meet any of their criteria, but I do have my own personal reasons to BORROW my own money. Again, these ARE NOT withdraw rules. These are BORROW/loan rules.
I have been transferred three times just trying to get my password reset. No one can help me with the simplest request of resetting a password. The message I received was "Sorry we are not able to identify your account. For immediate assistance please call 1-800-PRU-HELP (1-800-778-4357)." I call that number and the representatives tells me to call 800-562-9874. And then I was told to call 800-562-8838. And then she was quick to get me off the phone (even after explaining my experience) and transfer me to 800-621-1089. She also told me to call 877-778-2100. I'm not surprised to see the poor reviews and would def not recommend Prudential to any business. In such a competitive market I am surprised with the poor customer service and operations of Prudential. Happy to be transferring my business from Prudential.
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Recently I voluntarily separated from my employer that had a tradition pension invested in Prudential. While the first issue is more on my former employer when it came to timeframe, it was worked out by the former employer calling me and setting the tone for the transaction with Prudential, basically telling me to fax paperwork over once I received it via mail. I knew the time constraints mail has and on Prudential's end after waiting to have my information released; waited patiently for the paperwork to arrive. It arrived on 2/4/18 and was faxed immediately on 2/4/18 at 4:50 pm. I spoke to Bob who said that all I would need to do is fax the paperwork over and offered to pay for an overnight the next day. Bob never told me that after I fax the paperwork over that it takes 4 business days to process but I went ahead and did it.
The next morning I spoke to Aly who was the one that confirmed it takes 4 business days to process, that they received my paperwork, and after that I should receive a check through the mail; but I asked her if she could overnight it and she said it doesn't fit the current process to overnight, basically adding more information to what Bob spoke about and basically counteracting what Bob said the day before. Meaning there seems to be no uniform training between agents or the inability to document important info on calls. Went ahead and waited the 4 business days and called back on Monday 2/12/18, only to be told I need more documents a birth certificate to be precise, to have this check released. This is something that Aly could have told me to be proactive in releasing it faster, and after her attitude of I can't get anything done outside of what I'm told, is infuriating.
So instead of looking out for the customer, she went ahead and did nothing to expedite or lessen my callbacks. I spoke to Bailey twice that day to see if they got my fax and then Vince who after hearing my story for a third time and request for a supervisor, sent me to Angela. Angela basically said she can do a callback and that's it, maybe talk to the processing department as she isn't allowed procedurally to call the imaging department of where I sent my birth certificate to, a highly important document that shouldn't be held on a private file, but I digress. She said that procedurally it is a case by case basis of what their processing department needs to use for proof, and that we sent out something via mail regarding it. You have my Email and more importantly, I called back in to confirm, you should at the least send this overnight due to the constant lies and half truths.
She promised me a call back by 3:30 the latest, again offering no help besides following procedural send in your birth certificate, then maybe we can move this along; and I agreed after stating I worked on the phones and 7 callbacks in 5 days is a problem. I went on her word and hung up. Called Nick to make sure it was received as get this, no callback! It was and that the processing department was looking into it, but he can't see if it was expediting, so I said I call back in the AM seeing if it will get released. Called today 2/13/18 only to be met by Bailey again who was briefed of what was going on and said she'll call the processing department, she put me on hold and said we couldn't get a hold of them and that a supervisor will call you back in 4 hours.
Ok, so it is now 1:30, called in at 12:45 to check and spoke to Aly again, who was so lovely the first time. She said that she couldn't call the processing department and that the former agent Bailey probably meant a supervisor, which means it is another lie and also means that this company has no interest in my investment with them. Said to wait for the supervisor to call me, still hasn't happened. This is incredibly annoying and as such shows how much you matter to them. I worked on the phones and let me tell you, I'd personally see some of this through if someone has called by 7-8 times over the course of a few days. In the future if I have a choice I won't be going to Prudential for retirement anything as they have been so subpar and worthless.
I contacted Prudential, asked to withdraw funds from 401K for emergency, agreed to pay $25.00 dollars for next day delivery, waited 4 days. Called and spoke to someone who told me, “OH SO Sorry, money not sent overnight sent regular mail, will be there in a day or 2", it has been over a week STILL no Money, They are Rip off Artists, will gladly take your money but not send it as needed and promised. Contacting Attorney to see if I can collect from them due to loss I needed money for, as Said a family emergency. If I could give less than a 1 star I would.
Prudential has awful service when it comes to transferring funds to a different company. I have a simple transfer request and it's taking them three weeks to release my money. I have used Franklin Templeton Investments and they are quick and accurate. I will never use Prudential for anything again. I tried to give zero stars, they don't deserve one star.
My father passed away without a will and as the administrator of his estate it was left to me to handle his final affairs. When a person dies without a will, there are without a doubt some inherent challenges. These challenges are easily overcome with time, patience and the appropriate legal documents EXCEPT in the case of Prudential Smart Solutions IRA. Dealing with them has been the single most challenging and ass backwards experience of handling my father's affairs. Each call I made to Prudential exceeded 30 minutes and was handled by a different individual none of which had answers to even the most basic questions. Having one account representative assigned to his account might've been helpful instead of having to identify myself and re live his death and that whole story each time I called.
Especially disappointing was the clown who asked to speak to the account holder after I identified myself as the administrator of my deceased father's estate account. Bottom line their rules are more restrictive than the IRS. While IRS allows for beneficiaries of the estate to establish separate individual IRAs funded by the the IRA in name of the estate, Prudential opts not to allow it.
In my father's passing I took control of his assets, dealt with the loan holder on his house, sold his house, managed his bank accounts, sold his cars, worked with other financial institutions for distribution and worked with the IRS to resolve tax issues. The combined energy and effort associated with addressing and resolving these accounts was a cake walk in comparison to dealing with Prudential. They have BY FAR exceeded the stuff of nightmares and for the lowest possible return. I wouldn't recommend their services to anyone. Ever.
What a ** this turned out to be for my mom... Low risk? Safe growth? My rear end. The bond market is tanking and she's locked in with no way to re-allocate. Once the principal of a bond vehicle decreases the likelihood of it ever rebounding is minimal. Guaranteed income... guaranteed to lose your principal and jeopardize your nest egg if bond yields rise. Hoping for a class action lawsuit!
I have 2 retirement accounts and 1 Command account with Prudential. My agent is very helpful. However, both he and I are extremely frustrated because their systems don't work well and are so byzantine that even the so-called experts at Prudential disagree on how to do things. Their Web sites are very poorly designed and hard to use. To make the slightest change requires intervention from my agent, and sometimes takes months. Because they don't have the ability to do things on a computerized basis, my agent has to manually do all the work with my reinvested funds each month!
For the Command account, there is no mention of statements on their Web site. It turns out that statements are on a third-party site, separate from all other information on the account, and there is no link to that site or mention of it on Prudential's Web site. Furthermore, that third-party site has great difficulty connecting Prudential customers with their accounts. It currently can't even recognize that I have an account. I have not been able to access statements for 6 months.
Prudential's management is so incompetent that I find it impossible to believe they will remain in business. You can't be this messed up and keep your customers. I worry that I will use my funds when they go belly-up, and I have lots of money with them. I don't think they will continue to be able to get good agents because why would anyone good go with such a poorly managed operation when there are other companies they could work for?
I asked for a moderate risk account. They invested my account for several years in government bonds that we're paying less than 0.2% but they were charging me 1.25% for this account. I was better off putting my money under the mattress or with Discover IRA which pays 1% and has no fees. I also asked for a distribution from my IRA to take advantage of taxes but they took so long I entered another tax year. Worst return on retirements fund I have ever seen and lots of hidden fees you will never see unless you read extremely fine print.
Bought from a Prudential account, a dividend paying instrument. It is several years between payments. In Ma it was never a problem. I tell Prudential about missing fund, they pulled my account and said "yes it is here." I called 4 days later about this money and now there is no record. Massachusetts misplaced fund. Response was "sorry we have no record." This was strange as I had been contacted by a proxy. We said it was there and they would retrieve it for a mere 20% of the total. Why do I feel the recipient of crack back blocks?
I was with Prudential for nearly 14 years with a 401k. When I left my job for a new job, I waited a year and sought to rollover my Prudential 401k to another investment firm. I sent in the rollover paperwork no less than 6x over a 6 month period. I nearly gave up until my new investment provider got involved to assist. Each time, I called they needed some paperwork, something wasn't legible or the best one was the fax machine cut it off. Upon completion, 4 months later, I receive a letter saying that I have some money left in the account. I asked for the $ to be sent to me. They initially hit me with a $40 processing fee for the rollover.
Now they hit me with another $40 for the remaining balance cash out. I called back to see if the fee could be waived because my full 401k was to be rolled over. They won't refund my $40 and all the explanation they can give is that my employer put it there upon cash out two years after I left the company. You decide if you want to be subject to this company. I personally never will again.
Prudential Financial Companies pay out greater compensation to broker-dealers to defraud VA individuals. When the contract was issued, Prudential gave VA individuals unregistered funds (including hedge funds), which were already doped with significant amount of mispriced "junk bonds" and then use a 2-stage arbitrage-based defined benefit risk transfer embezzlement scheme to steal capital funds and market gains of VA individuals during stage 1 of each benefit quarter; and cook the books at stage 2 on each benefit quarter. Civil Action No. ** against Prudential Financial, Inc., et al was file with US District Court, Northern District of IL E Div. on July 15, 2014.
I made the mistake of investing a significant amount of money with Prudential advisors. Their fees were not competitive (1.5%), and they flatter you and tell you what you want to hear to get your money. I fell for it, I'm ashamed to say. I started getting suspicious when they started pushing an annuity for a large sum of money ($500K). I am only 40. I also fortunately passed on getting long term care insurance through them. I got suckered into a whole life policy, thinking my son (who is mentally disabled) would need the funds when I die.
They really pushed the "for your son's welfare" angle, when I now know I could make more just investing it. They also sold me a 401K for my office, but never told me about the kickbacks they got. I finally pulled everything when they recommended I stay in bonds in 2012, then stocks go up 18%, and then they tell me now I need to be in stocks. I estimate I've lost about $20-40K with them due to bad investing and their fees, in just 18 months. Everything is with Vanguard now, and will stay there. PS: Frontline did a really good report on this issue about 2 months ago.
Prudential annuity - The past returns are not reflected on my accounts. When questioned that the past returns stated were different, they said they can alter each account even when they have stated publicly yearly returns. How is the consumer to judge from past performance when the returns are false?
On 1/22/03 I went to Prudential's website to transfer my 403B funds out of their Medley Funds of Stocks and Equities. There were several options to choose from. My intent was to put my entire retirement account in a money market account.
There are two money market accounts available to employees of Golden Gate University. One is a Medley account, the other is a Prudential Goverment Securities Trust account. There was no warning on the exchange funds page that advised me that I should review the plan highlights (located on another web page (or a link to the highlights page) to indicate I might be electing a plan where I would be charged surrender fees.
I chose the Prudential Government Securities Plan and received a confirmation in the mail that shows I was charged $843.60 in surrender fees (4% of my contributions and 4% of my employers contributions). I called Prudential right away (the confirmation says I have 30 days to register a complaint - so I called them on 1/28/03). Marilyn said she would check into to it, asked three other people and said she got three different answers. She then said she would call me back after my account had been reviewed.
Today (1/29/03) she called me to say the surrender fees stand, that I was charged 4% of my contributions and 4% of my employers contributions. I asked if there was a review board I could write to. She said no, that my accout had been reviewed by senior management, but that she would register a complaint with them. The telephone conversation was recorded. She informed me that information about possible surrender charges were contained on the website under Highlights.
She said she would register my complaint on the basis that there was no indication on the Exhange Funds page that does not warn anyone surrender charges may apply. I said, yes, if I had had a warning, I would have never elected to place my funds in the Prudential Government Securities. I am outraged and very, very disappointed with Prudential. It seems to be a cruel trick on unsuspecting consumers to help themselves to hard-earned wages that we are trying to save for retirement.
Prudential expert review by ConsumerAffairs
Prudential was founded in 1875 to provide affordable life insurance policies to working class individuals in New Jersey. Today, the company offers a wide variety of financial products, including life insurance, annuities and mutual funds to consumers around the world.
Investment options: Consumers can choose from many different money market, equity and fixed-income mutual funds from Prudential. They also have specialty equity funds comprised of investments in specific sectors, like real estate, utilities and more.
Information: Interested investors can find information for all the company’s funds on Prudential’s website. Information includes commentary about performance as well as the prospectus, annual and semi-annual reports, lists of holding and fact sheets.
Comparison tool: The Prudential website features a Fund Comparison Tool that makes it easy to compare up to three Prudential funds at one time. The tool makes it easy to see the cost of each fund as well as other important distinctions.
PruView: Investors who want to learn more about investing can read the PruView part of the website. It has news articles and market insights to help consumers learn more.
Financial professionals: Investors who want some help can find a financial professional through Prudential. They can request a qualified advisor to contact them by filling out a form online.
Best for: busy investors, new investors and retirees.
Prudential Investment Management Services Company Information
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- Year Founded:
- United States
- (800) 842-1718